The wider adoption of renewable energy and electric vehicles could cause oil demand to peak at around 110.3 million barrels per day before 2040, according to BP's annual energy outlook. BP also said it expects oil consumption to grow by 0.14% per year between 2016 and 2040.
US refiners are shifting their focus to diesel and emerging markets in Latin America, Asia, Africa and the Middle East as domestic gasoline consumption stagnates and is predicted to only climb by 40,000 barrels per day this year, compared with nearly 260,000 barrels per day in 2015, writes John Kemp. US exports of finished petroleum products have increased by nearly 12% from the first 11 months of 2016 to over 1.1 billion barrels in the same period of 2017 -- a trend that is expected to gain momentum this year, Kemp writes.
Jeff Hildebrand has resigned as CEO of Hilcorp Energy, the company he founded 29 years ago, and handed over the helm to Greg Lalicker, who has been with the firm since 2006. "Mr. Hildebrand will maintain his position as executive chairman and continue to be heavily involved with the company," spokesman Justin Furnace said.
Royal Dutch Shell's growth strategy for the next few years gives equal importance to deepwater and US shale, with the company aiming to increase offshore production while it strives to achieve a positive cash flow from shale operations by 2019, said Upstream Director Andy Brown. "We can see strong (shale) production growth, strong cash surpluses that gives us a balance in our portfolio where you can ramp investment up and down, you can moderate that, very unlike deepwater which is quite chunky," Brown said
Alaska Gov. Bill Walker's administration is requesting permission from the state Legislature to spend $10 million to conduct seismic surveys in the coastal plain of the Arctic National Wildlife Refuge to collect more data on the region's oil and natural gas potential.
The upgrade project at Tennessee Valley Authority's Browns Ferry nuclear power plant in Alabama, which will boost output by 14%, is more cost-effective than building new reactors. Adding a reactor at another nuclear plant cost TVA more than $3.9 million per installed megawatt, while the upgrade will cost $1.02 million per megawatt.
With the announcement that Exelon's Oyster Creek nuclear power plant in New Jersey will shut down in October, Lacey Township, where the plant is located, is trying to figure out how to make up for lost revenue and store used nuclear fuel. Exelon will continue to pay property taxes during decommissioning for the time being, and community officials hope they will receive some funding originally meant for the Yucca Mountain repository as they keep the used fuel on site.
As it approaches a scheduled outage for refueling and maintenance, Unit 1 at Exelon Generation's Limerick nuclear power plant in Pennsylvania has begun decreasing its power generation. Tuesday morning the reactor was operating at 98% capacity.
An analysis performed for South Carolina Electric & Gas found that the parts purchased for the halted expansion project at its V.C. Summer nuclear power plant could earn as much as $861 million if sold. The study was conducted before SCE&G and Santee Cooper decided to halt the project, and SCE&G said it believes the estimate is too high.
Employees have to prove their judgment is sound to earn more autonomy, so question their decisions and offer advice when they're inexperienced, writes Steve Keating. "You can delegate a task but as a leader you cannot delegate the responsibility for it being successfully accomplished," he writes.
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